AMP reported the largest total expenses at $7.7 billion, followed by MLC ($4.8 billion) and OnePath ($3.5 billion).

AMP has the largest total liabilities at $88 billion, followed by OnePath ($37 billion).

The figures also reveal the profitability of life insurers that do not break out their Australian operations when reporting.

AIA made an $87 million after-tax profit and Zurich $43 million.

Reinsurers have mostly turned around their loss-making Australian life business.

Swiss Re made a $162 million after-tax profit last year, making it the most profitable life reinsurer. Munich Re reported a $152 million profit. Hannover Re made a $2 million profit, while Gen Re reported $23 million and Scor $3 million.